Conducting market research to increase program demand and financial sustainability

Success Story

Conducting market research for our Retail Analysis and Development program has significantly improved its quality and sustainability. We hired a marketing consultant who:

1. Identified the market competition
2. Interviewed past and potential customers for their perception of its value
3. Determined a pricing plan that both communicated the program's value and was affordable

The market research results surprised us:

1. By under-pricing our program, communities didn't think it had as much value. By increasing our price, and articulating our value, demand has increased!
2. Communities are willing and able to pay far more than we anticipated
3. We discovered unexpected local funders for the program
4. Our target market reinforced the necessity of our accompanying education & technical assistance to use the information

The focus of this workshop will be on the market research, not on the example program. We will share the market research questions asked, how the target audience was identified, how the information was integrated into pricing and marketing materials, and the resulting cash flow for the sustainability of the program.